Even in the smaller markets, a life cycle of a deal can stretch out 6 months before the exit and that can cost 30k once all is said and done.I like to tell people 50k is a nice starting point capital wise. 

Some people purchase a property for cost segregation/accelerated depreciation purposes to save on their taxes.

He can also refi down the road to lower his interest rate... but that comes at a fairly significant cost (say $3,000 - $5,000) - which will totally negate any mortgage pay down from owning the property in the first couple of years.  

my goal is to keep it as simple and low cost as possible.   

With over 20 years in real estate and thousands of deals under my belt, I'd say there's definitely a cozy feeling to owning your primary home outright.

That is the cost of doing business and the risk you have to calculate. 

Hopefully they accept the increase because it sounds like it will cost you thousands to turn it over for a new tenant.

Unfortunately, the cost to get into the real estate game down in Florida is just way too much for a first timer in my position.

However, I feel like there's a lot of potential to run into a lot of walls/pitfalls that can cost a ton of time/money if I do this route.At the end of the day, I want to put a lot of emphasis on using the newest technologies to streamline the business as much as possible. 

It's tougher to get cash flow upon move out these days but if you're patient, willing to do some work, or live in lower cost/fringe areas you can make it happen or at minimum put a serious dent in your housing expense which is still a win in my opinion compared to renting or buying just a primary home.Also if you're a bit short on cash, make getting a seller credit part of your financing strategy.